Experts Predict Foreclosure Surge
Lenders have delayed foreclosure actions to get as many borrows as possible into federally sponsored programs including the Home Affordable Modification Program.
The Obama administration is racing to avert as many foreclosures as possible. So far, more than 240,000 distressed borrowers have been approved on a trial basis under the Home Affordable Modification Program, in which their loans are being reworked so monthly payments are targeted at 31 percent of their gross income, said Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner.Many options are currently available in Southwest Florida for anyone interested in a foreclosure deal. A very popular segment of the distressed property market is Cape Coral gulf access foreclosures. Many homes in this market segment include a dock behind the house for your boat. These waterfront homes offer a truly a great way to enjoy the Florida lifestyle!
"We're very unlikely to implement another moratorium," Wheeler said but noted that the Treasury will monitor how many foreclosed homes are dumped into the market, suggesting officials could take other steps to prevent a flood of lender-owned properties.